Backing Mechanism
Last updated
Last updated
USDh is fully backed by BTC and issued natively on Runes and Stacks.
Attestations
Hermetica publishes monthly custodian attestations that detail the protocol's assets and liabilities:
The BTC assets backing the protocol are securely held in institutional-grade custodians. All assets used to margin trades are stored in the off-exchange settlement solutions of Copper (Clearloop) and Ceffu (MirrorX) .
The custodians deposit addresses show the protocol inflows from minting transactions:
Ceffu 1:
Ceffu 2:
Copper:
The Runes protocol requires the entire token supply to be defined in the initial etching transaction. Both USDh and sUSDh have a total supply of 1 quadrillion tokens, stored in the protocol's reserve. Tokens enter circulation through minting and staking.
The circulating supply is verifiable on-chain by subtracting the tokens held in the reserve and protocol wallets from the total supply:
Circulating supply = 1 quadrillion - reserve wallet - protocol wallets
Reserve Wallet:
Protocol Wallet 1:
Protocol Wallet 2:
USDh Token Etching:
sUSDH Token Etching:
USDh token contract:
The circulating supply is verifiable on-chain by calling the get-total-supply method in the .
On the the get-total-supply function can be called under the Available functions tab to independently verify USDh's circulating supply on Stacks.